Aspire Thought Leadership! Wondering What is Blockchain Development? Find out more on how fortune 500 companies use this approach. Come right in for m
When human beings lead a more nomadic life, there was no concept of ownership. There was no need to own anything because everything they needed to survive they either gathered or produced for themselves. And because of the nomadic nature of their lifestyle there was no need to own land or livestock. They moved around and lived off the land.
As time went on, they started to settle and grow their own crops. Once they started doing this there became a need to own the land that their crops grew on. There also was a need to own the apparatus they used to tend to these crops. Thus the concept of ownership was born.
As they continued to farm and produce fruits and vegetables, they would end up with more produce than they actually needed. They began to barter with each other. If one had more tomatoes than they needed and wanted spinach, they could exchange some of their tomatoes for some of someone else’s spinach.
Eventually, they felt the need to record these transactions so they started writing to keep track of ownership. We can look at these writings as the first ledgers.
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| What is Blockchain Development? |
While they were moving in the right direction, they had a problem with trust. There was no way for them to verify the information contained in the ledgers because not everybody had access to them.
When banks eventually came around, people also had to trust them to keep their money safe, and that didn’t always end well. There have been seven financial crises from the Great Depression to the Great Recession.
Some people started to realize that we needed a way forward that didn’t see us relying heavily on other people. They saw that we needed a way to transact without fear or the constant threat of human error. Thus, Blockchain [What is Blockchain?] was born [examples of disruptive technology].
The overarching theme with Blockchain and Cryptocurrency is that you don’t have to put your trust in an individual or a central authority to keep your assets safe. You don’t even have to worry about breaches of contract or the integrity of any other party. Blockchain has the potential to ensure that most, if not all industries run more efficiently [benefits of blockchain].
What is Blockchain Development?
Blockchain Development is a novel career path. Because of this there are many opportunities you can take advantage of. A blockchain developer builds Decentralized Applications or DApps for short. DApps are programs that operate on a peer-to-peer network of computers as opposed to a single computer [blockchain industry].
On a daily basis, a developer uses different programming languages to execute the code that designs user-interfaces, features and structures for blockchain applications [benefits of blockchain]. They are also responsible for putting security measures in place to avoid any attempts at hacking.
There are many self taught programmers and developers operating in the tech world today [blockchain for enterprise]. It is possible to become a blockchain developer without a degree, but you would have to work extremely hard and possess the right skill set. If you plan on going about becoming a developer the traditional way, you will need:
- At the very least, a Bachelor’s degree in computer science or IT.
- Analytical expertise. A key part of development is working out what the customer needs and finding ways to achieve the best results with whatever infrastructure they have.
- Coding skills. A thorough knowledge of various coding languages would be advantageous because it takes more than one to build a blockchain network.
- Foundational knowledge of blockchain protocols. A protocol is an array of practices for sharing data from device to device. The only way devices can share information is if there is an aforementioned agreement stating how to structure it and how it will be sent and received. If there was no protocol, computer A could be sending data in 32-bit increments while computer B is expecting to receive data in 64-bit increments. The most prominent set of protocols is OSI or Open Systems Interconnection. It is a set of instructions on how all network interactions should be carried out between computers. Internet protocols you may recognize are: IP, HTTPS, and DNS.
What is Blockchain Development positions?
Not every blockchain developer is going to have the same job specs because there are different positions one can hold, namely:
Blockchain Solution Architect
Solution Architects are responsible for everything technical during the sales process. They work closely with the sales head in devising solutions. They then lead a team of developers and eventually provide the solution to the customers.
Blockchain Quality Engineer
Quality Engineers supervise the development of blockchain applications and ensure that they are up to standard. Quality engineers are required to keep abreast of the newest blockchain features and developments.
Blockchain Project Manager
Project managers are more like overseers. They monitor and evaluate resources, supervise security protocols and transaction administration systems, compose distinct features and manage any operational issues on a blockchain network.
Blockchain Applications
When people think of the Blockchain, they almost immediately think of cryptocurrency, but it has other capabilities that could potentially involve Fiat money [application of blockchain]. Fiat money is tangible money. Fiat is Latin for ‘let it be done’. Money only has value because the government says so but it isn’t backed by anything [blockchain use cases].
Applications include:
Money transfers
By cutting out the middleman, transferring money from person to person works out cheaper and is much quicker. It’s convenient when transferring money across countries. Somebody in the United States can send money to the Dominican Republic in minutes.
Financial exchanges
The bulk of cryptocurrency exchanges on the blockchain used to happen from person to person. Now, different organizations are starting to offer decentralized cryptocurrency exchanges. These organizations have more control and can feel safe knowing that their transactions are secure.
Lending
Smart contracts can be used by lenders to administer guaranteed loans. Processing these loans is faster and less expensive because Smart contracts have features that automatically set off service payments and release of funds [smart contracts in blockchain]. This also means that they can offer better interest rates.
Insurance
Insurance has always been murky. Customers have never really been sure of what the fine print says and have found themselves in precarious positions because of this. Smart contracts allow for transparency between insurance providers and customers. No customer would be able to claim twice for the same incident and they could actually receive payouts faster.
Real estate
Real estate involves a considerable amount of paperwork. Personal information needs verification and transfer documents need to be checked thoroughly before a sale goes through. Blockchain technology can minimize paperwork while still offering security and ensuring quicker transactions.
Storing personal information
It is possible for any entity storing personal information online to experience a breach in security. Storing this information on a public ledger offers more security because it’s harder to penetrate the blockchain system.
Storing data
The issuing of state benefits would substantially improve if identification information was stored on a blockchain.
Voting
If identity information was stored on a blockchain, people would be able to cast their votes more easily. Nobody would be able to vote twice and votes wouldn’t be interfered with. It would also encourage more people to vote by being more convenient.
State benefits
Storing identification information on a blockchain could aid in the dispersion of government benefits like Medicare. Blockchain’s infrastructure would reduce fraud and operation costs. People would also receive their benefits a lot faster.
Storing and sharing medical information
Storing medical records on a blockchain could assist in patients receiving the best medical care. Doctors would receive the latest and most accurate information on their patients thus avoiding misdiagnosis and wrongful treatment.
Royalties
If there were up-to-date records on all film and music files spread over the internet, there would be a lot less piracy and artists’ royalties would be paid in full and on time.
NFTs
Non-fungible tokens are a way for people to own the rights to anything that can be stored as data online, but it’s most prevalent in digital art. Putting NFTs on a blockchain can make certain that only a singular piece of digital art exists. It makes investing in art easier for people because there’s no need to worry about storage and preservation.
Supply chain and logistics tracking
Keeping track of articles as they traverse a supply chain network can help supply chain and logistics departments work better together. If all the data is stored on a blockchain network then it can’t be modified and it can be accessed easily by the relevant parties.
Securing Internet of Things networks
The Internet of Things or IoT, is a system of interlinked computers that have UIDs or Unique Identifiers that allow them to transmit data over a network [IoT and Blockchain]. It works without human interaction. It’s convenient, but susceptible to digital crime. It makes use of a centralized server, which makes it easier for hackers to access. The blockchain interface can enhance security by keeping login credentials on a decentralized network.
Gambling
The blockchain network could potentially be very beneficial, especially for gamblers. If a casino were to conduct its business on a blockchain there would be a lot more transparency. All dealings would be recorded on the blockchain which means that patrons would always be sure that their games were fair and that they would be paid out what they are owed. Use of a blockchain would also mean that personal information wouldn’t need to be shared and players could gamble anonymously.
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